American Diversified Holdings Corporation Announces the Cancellation of 466 Million Shares
Rhea-AI Summary
American Diversified Holdings (OTC Pink: ADHC) has announced the completion of a comprehensive overhaul of its balance sheet and capitalization structure. The company has identified an additional 142 million shares of common stock to be cancelled and returned to the Corporate Treasury, bringing the total cancellation to over 466 million shares. This follows a recent $2.73 million debt cancellation and a court order from the Eighth Judicial Circuit Court, Clark County, Nevada, for the cancellation of 324.5 million shares.
ADHC management stated that these actions will solidify the company's capitalization structure as they contemplate new business operations and potential acquisitions. The company has established a shareholder hotline and direct IR email for investor communication. ADHC is focusing on building for future success and plans to publicize future developments in the near term.
Positive
- Cancellation of over 466 million shares of common stock
- $2.73 million debt cancellation
- Comprehensive overhaul of balance sheet and capitalization structure
- Potential new business operations and acquisitions being contemplated
Negative
- None.
News Market Reaction
On the day this news was published, ADHC gained 5.00%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ADHC Has Added an Additional 142 Million Shares To A Recent Court Ordered Cancellation Of Company Common Stock Completing the Company's Corporate Restructuring
Del Mar, California--(Newsfile Corp. - August 29, 2024) - American Diversified Holdings Corporation (OTC Pink: ADHC) announced today the completion of a comprehensive overhaul of the Company's balance sheet and capitalization structure. In addition to the
The Transfer Agent has previously received the formal court order from the Eighth Judicial Circuit Court, Clark County, Nevada, Case Number A-21-843670-B formally ordering the cancellation of 324.5 million shares of common stock.
"After successfully receiving a judicial order cancelling 324.5 million shares, we have identified more shares that are subject to cancellation," Commented ADHC. "Our recently announced debt cancellation of
NEW ADHC SHAREHOLDER CONTACT
SHAREHOLDER HOTLINE: 858-325-7098
DIRECT IR EMAIL: ADHCInvestor@yahoo.com
Future development will be publicized in the near term as we continue to build ADHC for future success.
About AMERICAN DIVERSIFIED HOLDINGS CORPORATION
www.UniversalWellnessAI.com
www.UniversalWellnessShop.com
John Cacchioli, CEO
American Diversified Holdings Corporation
Telephone: (212) 537-5900
Email: JC@American-Diversified.com
Social Media:
TWITTER: @ADHCManagement.
This Twitter page is the only official Twitter page for ADHC.
SAFE HARBOR FORWARD-LOOKING STATEMENTS: This press release may contain forward-looking statements that are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues related to our financial performance, expected revenue, contracts, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC) and on the OTC Disclosure & News Service (OTCDNS). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC and/or OTCDNS. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to the risk that we will not be able to find and secure construction contracts and the necessary assets that will enable us to become profitable. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC and/or OTCDNS filings. We have incurred and will continue to incur significant expenses in our development stage, noting that there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. New lines of business in the construction industry may expose us to additional legal and regulatory costs and unknown exposure(s), the impact of which cannot be predicted at this time. Words such as "estimate," "project," "predict," "will," "would," "should," "could," "may," "might," "anticipate," "plan," "intend," "believe," "expect," "aim," "goal," "target," "objective," "likely" or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of this press release. Unless legally required, we undertake no obligation to update, modify or withdraw any forward-looking statements, because of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221468
FAQ
How many shares of ADHC stock are being cancelled?
What is the amount of debt cancelled by ADHC?
What court issued the order for ADHC's share cancellation?
What is ADHC's plan following the share cancellation and debt reduction?
